The payments platform Kushki was valued at US$1.5 billion in its latest round of financing, an extension of its Series B, where it raised US$100 million, reaching US$186 million in the whole series. The company announced the news in a statement on its blog. They stated that among the investors involved in the round were Kaszek Ventures, Clocktower Ventures, SoftBank Latin America Fund, and DILA Capital.
The valuation well exceeds the US$1 billion barriers, which is used to consider a startup a unicorn. It is the first company from Ecuador to join the club, which in LatAm is limited to just over 40 companies, mainly from Brazil, Mexico, and Argentina.
Aron Schwarzkopf, CEO and co-founder of Kushki, noted that reaching this milestone in times of crisis shows “the quality and resilience of our entire team and the enormous Latino talent that exists in the region.”
The company says it will use the new capital to accelerate product development and continue its mission to connect LatAm with payments.
Kushki offers a digital payment platform for companies selling products and services on the web, utilized particularly by SMEs across the region. It has operations in five countries in LatAm: Ecuador, Colombia, Chile, Peru, and Mexico. In 2021 it reported a 200% growth, coinciding with the boom in e-commerce during the pandemic.
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